SHANGHAI, Jan. 31, 2011 /PRNewswire-Asia-FirstCall/ -- Headquartered in Shanghai, China Golf Group, Inc. ("China Golf", or the "Company", or "we"), a leading designer and developer of premium golf courses, golf communities and improved land properties in China and the first of its kind publicly registered and reporting in the United States, announced that on January 29, 2011, the company obtained the written commitment on the transfer of Dingan Hengyuan Sports and Resort Center project from Hainan Dingan Pozhai Hengyuan Agriculture Development Co., Ltd.
Planned Dingan Hengyuan Sports and Resort Center is located in Dingan County, Hainan Province, P.R. China. In the northeast of Hainan province, Dingan County is only 34 km away from Haikou, the capital city of Hainan. The project is adjacent to Nanli Lake scenic spot which is one of the major tourist areas in Hainan.
Planned Dingan Hengyuan Sports and Resort Center project occupies 445.36 hectares of land, an international standard 36-hole golf course and other outdoor sports & leisure facilities will be completed within the next three years, among them 134 hectares of land can be further developed into residential and commercial property.
Planned Dingan Hengyuan Sports and Resort Center project has obtained the permission of local government; furthermore, the original owner, Hainan Dingan Pozhai Hengyuan Agriculture Development Co., Ltd., has finished land expropriation and made compensation to farmers.
"Getting the opportunity of building a golf course in Hainan – golfers' paradise in China, not only enhances the corporate image, but also generates sustainable revenue for China Golf Group in the coming years," commented Mr. Tiger Bi, the CEO of China Golf.
About China Golf Group
Founded in 2006, China Golf Group ("China Golf" or the "Company") is a Shanghai headquartered, leading designer and developer of premium golf courses, golf communities and improved land properties sold to developers of private residence villas and/or corporate clubs. In July 2010, China Golf merged with a Delaware public company and filed with the U.S. Securities and Exchange Commission ("SEC"). China Golf designs, constructs and develops premium golf courses and golf communities in the People's Republic of China ("PRC") through our PRC based operating companies. We offer a full spectrum of golf course development and management services, including design, engineering, construction, and maintenance of golf courses as well as consulting and management of golf projects. Since the formation of Beijing Shungao in 2006, we have completed over ten golf courses in China. With our influential strategic partners, we are expanding our business to an invest-design-build-sell model with an objective to become the top golf course management company and the largest golf course chain in China.
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Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
This press release contains certain statements that may include "forward-looking statements" within the meaning of federal securities laws. All statements, other than statements of historical facts, included herein are "forward-looking statements". Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including the Company's ability to successfully expand its market presence and those discussed in the Company's periodic reports that are filed with and available from the Securities and Exchange Commission. All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.
SOURCE China Golf Group, Inc.